Dubai’s tax-free economic zone DIFC enacts new Digital Assets Law

Quick Take

  • The Dubai International Financial Centre has announced the enactment of its new Digital Assets Law.
  • The legislation aims to ensure the DIFC keeps pace with technological developments and to provide legal clarity for investors and users of digital assets.

The Dubai International Financial Centre (DIFC), a tax-free special economic zone in the United Arab Emirates city, announced the enactment of its new Digital Assets Law earlier this week.

Alongside a new Law of Security and related amendments to existing legislation, the enactments aim to help the DIFC keep pace with technological development in international trade and financial markets and to provide legal clarity for investors and users of digital assets.

The DIFC’s Digital Assets Law follows a review of the regulatory approach taken by various jurisdictions around the world and a period of public consultation carried out last year, coming into effect on March 8.

Established to promote financial services and attract international investment, the DIFC operates with its own legal system and courts based on English common law, separate from the wider UAE.

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